News: APO APN Outdoor Submitted Revised Proposal To Buy Adshel Businesses

June 22 (Reuters) - Apn Outdoor Group Ltd (APO) :

• PROPOSAL TO ACQUIRE ADSHEL,HT1
• DEAL FOR $540 MILLION
• SUBMITTED A REVISED PROPOSAL TO ACQUIRE 100% OF ADSHEL BUSINESSES
• REVISED PROPOSAL SUBMITTED TO ACQUIRE 100% OF ADSHEL BUSINESSES IN AUSTRALIA AND NEW ZEALAND, FROM HT&E LIMITED
• EXPECTED PRE-TAX COST SYNERGIES OF NOT LESS THAN $15 MILLION PER ANNUM
• APN OUTDOOR UNDERLYING FY18 EBITDA GUIDANCE OF BETWEEN $92 MILLION AND $96 MILLION RE- AFFIRMED
• ONE-OFF INTEGRATION COSTS TO ACHIEVE SYNERGIES ARE EXPECTED TO BE APPROXIMATELY $12.5 MILLION
• CADENCE ADVISORY AND MORGAN STANLEY ARE ACTING AS FINANCIAL ADVISERS AND ALLENS AS LEGAL ADVISER TO APN OUTDOOR
• APN OUTDOOR RE-AFFIRMS FY18 CAPEX IN RANGE OF $25 MILLION TO $30 MILLION
• GUIDANCE EXCLUDES IMPACT OF TRANSACTION
• CONTINUES TO TARGET A DIVIDEND PAYOUT RATIO OF 50% TO 65% OF ANNUAL NPATA